.NET HTML Sanitation for rich HTML Input

Recently I was working on updating a legacy application to MVC 4 that included free form text input. When I set up the new site my initial approach was to not allow any rich HTML input, only simple text formatting that would respect a few simple HTML commands for bold, lists etc. and automatically handles line break processing for new lines and paragraphs. This is typical for what I do with most multi-line text input in my apps and it works very well with very little development effort involved.