How to get rid of space below image

This an assignment where I have to match the design layer with the original pdf layer (the layer with low opacity). I wrapped the text around the picture, but a big gap appears below the image. I need the third line of text of the big paragraph to go directly below the picture. I tried backspacing so that the text goes under the picture, but that doesnt work.
Basically I want to know how to get rid of the gap below the image and have the text go directly below the image instead. Thanks!
