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