The service will be available through Google Code, the search giant's repository for tools that developers can use to add Google services to their applications.
Google denies that it wants to compete with, or replace, such services.
The new site's FAQ states: "One of our goals is to encourage healthy, productive open source communities. Developers can always benefit from more choices in project hosting."
Users of the new service will get a project workspace, version control, bug-tracking and a Google Groups mailing list. Unlike many of Google's beta products, anyone can apply for an account immediately.
Greg Stein, engineering manager at Google, announced the launch yesterday at the O'Reilly Open Source Convention in Oregon.
Google's hosting service is based on Subversion software co-developed by Stein during his time at start-up CollabNet.
CollabNet chief technology officer Brian Behlendorf said: "It's not too often that Google can deploy something they didn't entirely write."
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