CHF is congested heart failure and there is an EF (ejection fraction...normal is 55 to 75%) and that represents the amount of blood pumped with each heartbeat (EF<30% range). If the underlying cause can be effectively treated and the increase of the EF thereof, the heart may never again fail to inadequately pump oxygenated blood. As ed states, it depends on the underlying cause for the low EF, sometimes there is heart muscle damage that doesn't respond to treatment.
This is not a straight forward question, and so the answer is not really straight forward. It depends on the cause and whether the cause can be treated. If for example CHF is being caused by oxygen deprevation, then angioplasty or bypass could allow the heart to return to full functionality in a relatively short period of time. There are quite a number of reasons why CHF may occur and each cause would obviously have a different answer and prognosis.