5 year in US granted for GC ?

Congressman Luis V. Gutierrez proposed U.S.A. Family Act ( HR 440 ) that “shall adjust the status of any undocumented immigrant to that of a person lawfully admitted for permanent residence”.

Please take a look at the following link:

http://luisgutierrez.house.gov/display2.cfm?id=4377&type=Legislation

Is there a tiny chance that this bill will be passed ? Does this bill apply to any foreigner who stays in US for more than 5 years, legal or illegal ? When will US House vote for this bill?

I am dying for NY LC process.