Ramifications from developer board to a voted home owner board

Kelly,

Without knowing specifics, it's really hard to respond.

In general, with respect to a previous boards actions, a new board may:

Remove/Replace appointees to committees
propose and adopt amendments to resolutions.
Choose to cancel legal action (but consult with the attorney first)
Pull a proposed amendment for membership vote (but I would be careful with that)
Change PMs (providing the PM works for the MC and the contract allows it)

In general, with respect to a previous boards actions, a new board may not:

Terminate a signed contract (except by following procedures within the contract)
Change the current assessment amount (notice deadlines may allow to change next years assessment)
Terminate employees without cause

in general, with respect to a previous boards actions, a new board might be able to:

Change terms with regard to enforcement actions (however, this one can be tricky hence the word "might")

If you can provide us the decision the previous board made (or your board made), you will likely get better advice and more direct opinions then just generalities.