Homestead is a manmade pond in the Cherry Creek drainage located just west of Highway 253 north of Terry. The reservoir and surrounding property is owned by the Bureau of Land Management.
Although historically a bass pond — Homestead has been stocked with largemouth since 1966 — low water levels have reduced the quality of the fishery. Spring runoff and rain in 2011 filled the reservoir and provided the opportunity to re-establish a different fishery. The location of the reservoir would also allow winter use, even in a harsh winter like that of 2010-11, when most ponds were inaccessible to ice fishermen.