This is your Announcements section. To create an announcement, just create a new post and place it in the Announcements Category. It will automatically appear on the front page above the main content area. If you want the post to appear on the News (blog) page as well, you may also check the News category. To remove an Announcement from the front page, simply edit the post and uncheck the Announcements category.
If there are no announcements in the Announcements category, this space will be empty including the title, and the main content for the page will slide up to fill the space. If there are multiple announcements, they will be displayed from newest to oldest. You will want to keep the number of announcements down to one or two since they do push your main content down on the page.