; and (II) has an income that is less than 150 percent of the median income, as determined by the FHA, for the area in which the property subject to the mortgage is located, except that the FHA may establish income ceilings higher or lower than 150 percent of the median for the area to take into consideration various sizes of families. For purposes of this subparagraph, the term area has the meaning given such term in the last sentence of paragraph (1)(B)(i). (C) Counter-cyclical market adjustment The property subject to the mortgage is located in a county or counties for which a determination under this subparagraph has been made, as follows: (i) Determination A mortgage may be insured pursuant to this subparagraph only upon a determination by the Board, in consultation with the Chief Risk Officer that— (I) available credit for the purchase of 1- to 4-family homes located in such county or counties has contracted significantly, as measured by the credit availability measure of the Office of the Comptroller of the Currency; (II) housing prices in such county or counties have declined significantly, as measured by the applicable housing price index of the Federal Housing Finance Agency