To prepare sauce, combine boiling water and chiles in a small bowl; cover and let stand 10 minutes.
Heat oil in a large nonstick skillet over medium-high heat. Add garlic; sauté 2 minutes or just until garlic begins to brown. Add water, chiles, broth, honey, juice, 1/2 teaspoon salt, and cumin; bring to a boil. Reduce heat; cook until reduced to about 1/2 cup (about 15 minutes), stirring frequently. Place mixture in a blender or food processor; process until smooth. Keep warm.
To prepare steak, heat a grill pan over high heat. Combine 1/2 teaspoon salt, black pepper, and paprika; rub salt mixture evenly over both sides of steak. Lightly coat steak with cooking spray. Add steak to pan; cook 4 minutes on each side or until desired degree of doneness. Place steak on a platter; let stand 5 minutes. Cutsteak diagonally across grain into thin slices; drizzle with sauce.