Eventually, if the requirements of the bill are met, those individuals could apply for permanent residency and potentially citizenship.

The bill would apply to undocumented immigrants brought to the US when they were under the age of 18, who have lived continuously in the US for four years prior to the bill being passed, who have no serious criminal record other than immigration violations and have earned a high school diploma or equivalent or are enrolled in school. The immigrants would need to pass a background check and maintain their clean record.
Down the road, if the individuals met more requirements, they could try to achieve citizenship. To lose the conditional status of their green card, the so-called "Dreamers" that would be protected under the law would need to continue living in the US and achieve a higher education degree, have completed at least two years of a higher degree program, serve in the military honorably for at least two years or had continuous employment for more than three years. The immigrants would also need to pass other existing citizenship requirements, including English language requirements in the law.

The DREAM Act is not the only proposal out there to put DACA -- which was put into place under President Barack Obama by executive action -- into law.

One Republican-only proposal comes from Florida Rep. Carlos Curbelo, and currently has more than 30 Republican co-sponsors in the House. The Recognizing America's Children Act is similar to Dream, but sets a lower age for arriving to the US -- at under 16 -- and sets up two five-year periods for conditional status."
Kopan, T. (2017, September 14). What is the DREAM Act? Retrieved October 30, 2017, from http://www.cnn.com/2017/09/14/politics/what-is-the-dream-act/index.html

-Denae

"This bill directs the Department of Homeland Security (DHS) to cancel removal and grant lawful permanent resident status on a conditional basis to an alien who is inadmissible or deportable or is in temporary protected status who: (1) has been continuously physically present in the United States for four years preceding this bill's enactment; (2) was younger than 18 years of age on the initial date of U.S. entry; (3) is not inadmissible on criminal, security, terrorism, or other grounds; (4) has not participated in persecution; (5) has not been convicted of specified federal or state offenses; and (6) has fulfilled specified educational requirements.

DHS shall cancel the removal of, and adjust to the status of an alien lawfully admitted for permanent residence on a conditional basis, an alien who was granted Deferred Action for Childhood Arrivals (DACA) status unless the alien has engaged in conduct that would make the alien ineligible for DACA.

DHS may not: (1) grant conditional permanent resident status without the submission of biometric and background data, and completion of background and medical checks; and (2) disclose or use information provided in applications filed under this bill or in DACA requests for immigration enforcement purposes.

The bill prescribes the conditions under which DHS: (1) may terminate a person's conditional permanent resident status, and (2) shall adjust a person's conditional status to permanent resident status.

The bill: (1) sets forth documentation requirements for establishing DACA eligibility, and (2) repeals the denial of an unlawful alien's eligibility for higher education benefits based on state residence."

H.R.3440 - Dream Act of 2017. (n.d.). Retrieved October 30, 2017, from https://www.congress.gov/bill/115th-congress/house-bill/3440?q=%7B%22search%22%3A%5B%22DREAM Act%22%5D%7D&r=2